US Dollar bears move in and eye a break of trendline support DollarIndex Currencies Fed
hiked interest rates by 25 basis points last week but has taken out the need for future hikes from within the statement. This has been priced into the Fed funds futures that are now pricing for the fed funds rate to reach 4.993 in July, and remain below that all year. The Fed's target range stands at 5% to 5.25%, having risen rapidly from 0% since March 2022.As illustrated, the US Dollar has crawled out of the March bear trend and is now on the backside of that trend.
Zooming in, there is a W-formation and the current rally would be expected to decelerate and potentially lead to a correction, as per the hourlyOn the 15-minute chart, the price is seen to be decelerating and the structure is located at 101.332. To confirm a downside bias, the bears will need to see a break of there, currently, until at least a new structure is formed, potentially, higher up. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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